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Reconsiderations of the Development and Governance Model after the Financial and Economic Crisis

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  • Petre Prisecaru

Abstract

Financial crisis brought to the fore the fierce confrontation between Keynes disciples and Friedman disciples, between demand siders and supply siders, between Obama’s policies focused on economic growrh and EU austerity policies focused on deficit and debts reduction. Monetary policy showed its limits and neoliberal approach favored the risky products(derivatives) and speculative activities. Supply siders, like David Harper, centred on three pillars: tax incentives, competition policy, enhancement of productive credit. Lisbon Strategy and Eur ope 2020 represent a supply side agenda based on sectoral policies. Great economists like Joseph Stiglitz and Paul Krugman have supported state interventionism and higher government spending for demand recovery and resuming the economic growth. Besides sta te interventionism one needs the urgent reconsideration of capitalist development model and strongly improving the governance at all levels: global, European, national, corporate.

Suggested Citation

  • Petre Prisecaru, 2011. "Reconsiderations of the Development and Governance Model after the Financial and Economic Crisis," Revista de Economie Mondiala / The Journal of Global Economics, Institute for World Economy, Romanian Academy, vol. 3(1), March.
    • Handle: RePEc:iem:journl:v:3:y:2011:i:1:id:2822000008752003
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    File URL: http://www.iem.ro/rem/index.php/REM/article/view/78/64
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    Keywords

    criză; cerere; ofertă; neokeynesism; liberalism; monetar; fiscal; guvernanță;
    All these keywords.

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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